Business, 05.10.2019 01:30 boweytom6217
Scenario: hart nance and jason symington operate gift boutiques in shopping malls. the partners split profits and losses equally, and each takes an annual drawing of $80,000. to even out the workload, nance travels around the country inspecting their properties. symington manages the business and serves as an accountant. from time to time, they use small amounts of store merchandise for personal use. in preparing for his daughter's wedding, symington took inventory that cost $10,000. he recorded the transactions as follows:
debit credit
cost of goods sold $10,000: debit
inventory $10,000: credit
respond to the following questions
how do you feel symington should have recorded these transactions? why?
what are the ethical implications of symington's actions?
Answers: 1
Business, 22.06.2019 07:10
Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the companyβs operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 the company measures its activity in terms of flights. customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. required: 1. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.
Answers: 1
Business, 22.06.2019 15:00
Beagle autos is known for its affordable and reliable brand of consumer vehicles. because its shareholders expect to see an improved rate of growth in the coming years, beagle's executives have decided to diversify the company's range of products so that at least 40 percent of the firm's revenue is generated by new business units. however, the company's resources, capabilities, and competencies are limited to producing other forms of motorized vehicles, such as motorcycles and all-terrain vehicles (atvs). which type of corporate diversification strategy should beagle pursue?
Answers: 1
Business, 22.06.2019 18:30
> > objectives define federalism and explain why the framers adopted a federal system instead of a unitary system. categorize powers delegated to and denied to the national government, and powers reserved for and denied to the states, and the difference between exclusive and concurrent powers.
Answers: 1
Business, 22.06.2019 22:40
Johnson company uses the allowance method to account for uncollectible accounts receivable. bad debt expense is established as a percentage of credit sales. for 2018, net credit sales totaled $6,400,000, and the estimated bad debt percentage is 1.40%. the allowance for uncollectible accounts had a credit balance of $61,000 at the beginning of 2018 and $49,500, after adjusting entries, at the end of 2018.required: 1. what is bad debt expense for 2018 as a percent of net credit sales? 2. assume johnson makes no other adjustment of bad debt expense during 2018. determine the amount of accounts receivable written off during 2018.3. if the company uses the direct write-off method, what would bad debt expense be for 2018?
Answers: 1
Scenario: hart nance and jason symington operate gift boutiques in shopping malls. the partners spl...
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